1:32pm – We are just analysing the details but the chancellor also announced that the 55% tax on pension savings taken as a lump sum will be reduced to fall in line with income tax rates.<\/p>\n
1:30pm – These announcements would seem to spell the end of the ‘default’ option of purchasing an annuity with your pension pot on retirement. This is probably the most significant change to the pension and retirement savings landscape in a generation.<\/p>\n
1:29pm – Budget announcement over – All in all an impressive package of measures for savers and investments. Im struggling to see where the point of attack from the other side of the house is!<\/p>\n
1:26pm – HUGE pension tax changes. Flexible drawdown limit reduced to \u00a312,000, capped drawdown limit increased to 150% of GAD, \u00a310k small pot limit and advice provided for retirement. Too much to detail here. Further analysis later.<\/p>\n
1:21pm – Big news – A new single ISA will merge the stocks and shares and cash ISA’s and the limit will increase to \u00a315,000 per annum. Great news for savers and investors!<\/p>\n
1:18pm – The personal allowance will rise to \u00a310,500 in April 2015 as expected. We are still waiting for the big surprise!<\/p>\n
1:16pm – Tobacco duty will continue to rise at 2% above inflation, 1p off a pint of beer, duty on whisky and other spirits has been frozen.<\/p>\n
1:15pm – Good news for bingo fans – Bingo duty reduced to 10%!<\/p>\n
1:14pm – Fuel duty frozen once again. Gambling duty increased.<\/p>\n
1:13pm – “We want to help hard working people keep more of what they earn and more of what they save”. I think this could be the personal finance part!<\/p>\n
1:08pm – The seed enterprise investment scheme or ‘SEIS’ will be made a permanent feature of the UK investment landscape. This scheme allows individuals to invest in small start up businesses and receive valuable tax relief.<\/p>\n
1:05pm – An additional \u00a3140m for repairs to flood defences and \u00a3200m for repairs to roads following the harsh winter.<\/p>\n
1:03pm – As already announced, the ‘help-to-buy’ mortgage and housing scheme will be extended until 2020.<\/p>\n
1:02pm – From next year passengers on long haul flights will pay a lower rate of air passenger duty. For those of us lucky enough to have a private jet, taxes will rise!<\/p>\n
12:59pm – Stamp duty will now be 15% for all residential properties worth over \u00a3500,000 purchased through a “corporate envelope”. This change takes effect from midnight tonight.<\/p>\n
12:57pm – Confirmation that inheritance tax will not apply to the estates of military personnel who die in service.<\/p>\n
12:56pm – Fines from LIBOR manipulation will continue to be directed towards military and emergency charities.<\/p>\n
12:54pm – It is worth noting that this does not impact the widely accepted tax mitigation schemes such as conventional trusts, ISA’s and pensions etc.<\/p>\n
12:53pm – Government is renewing its commitment to tackling tax avoidance schemes and the number of registered tax avoidance schemes has fallen by 50%. People using sophisticated or controversial tax avoidance schemes will be required to pay tax up front.<\/p>\n
12:48pm – Growth is forecast to be around 2.5% for each of the next 5 years. This type of consistent growth would be good news for the UK economy.<\/p>\n
12:46pm – Mr Osborne is now doing the PR for his new 12-sided \u00a31 coin.<\/p>\n
12:42pm – Some rather scary budget deficit numbers being banded around. Just as a reminder, the budget deficit is the amount the UK overspends each year, not to be confused with our national debt which stands at something close to \u00a31.4 trillion.<\/p>\n
12:41pm – The OBR has reduced its forecast for the budget deficit in every year covered. 18\/19 is predicted to show a small budget surplus.<\/p>\n
12:39pm – “No major economy growing faster than the UK”. Can you imagine having heard that a year ago?<\/p>\n
12:35pm – “Hard working people will keep more of what they save”. Definitely seems to be a hint of some sort of reduction in savings taxes – \u00a0capital gains tax perhaps?<\/p>\n
12:34pm – Apparently if you are “a maker, a doer or a saver, this budget will be for you”.<\/p>\n
12:30pm – Mr Osborne has ‘taken the stand’. “The economy is recovering faster than expected”<\/p>\n
12:27pm – The chancellor is just about to make his annual announcement and if the BBC news coverage is anything to go by he has a “surprise” for us. We will be live blogging throughout the budget announcement with updates on the key announcements and will be providing detailed analysis and reaction throughout the day.<\/p>\n","protected":false},"excerpt":{"rendered":"
1:32pm – We are just analysing the details but the chancellor also announced that the 55% tax on pension savings taken as a lump sum will be reduced to fall in line with income tax rates. 1:30pm – These announcements would seem to spell the end of the ‘default’ option of purchasing an annuity with… Read more »<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,5],"tags":[],"class_list":["post-1041","post","type-post","status-publish","format-standard","hentry","category-budget","category-news","wp-sticky"],"_links":{"self":[{"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1041","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=1041"}],"version-history":[{"count":0,"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1041\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=1041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=1041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=1041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}